Galileo‘s API-enabled fintech platform now powers Pomelo, a combined credit and US-based international money transfer service.
Through the use of a charge card, the service allows customers in the US to build and extend their credit access abroad without incurring costly remittance fees.
Galileo’s payment risk platform powers the service’s reconciliation, settlement processing and PCI-compliant authorisation.
The payment processing solution’s reported speed, precision and reliability will support Pomelo’s ability to authorise requests, ensure post accuracy and move money and settle funds internationally.
The integration also engages Galileo’s end-to-end fraud and risk management and chargeback protection, supporting provisioning and onboarding to protect users against payments fraud.
“Through our partnership, Galileo will support Pomelo’s rapid growth by powering their financial solutions with differentiation, automation, readiness and extensibility,” says Galileo CEO Derek White.
The partnership’s capabilities aim to create “better-connected ecosystems as they innovate money transfer through inclusive credit solutions,” adds White.
The service’s partnership with Galileo is forecast to broaden financial inclusion among the US’ underserved communities, enabling users to establish and strengthen their credit profiles.
Despite reaching a value of $630billion this year and a 4.2 per cent increase in transfers from 2021, US remittances to low and middle-income countries continue to impose expensive transfer fees and exchange rate markups on senders.
Pomelo seeks to combat this challenge by combining credit with money transfers; making international credit transfers cheaper and more accessible.
“We set out to re-envision traditional international money transfers so our customers…in emerging economies can benefit from access to modern financial instruments,” comments Eric Velasquez Frenkiel, Pomelo’s founder and CEO.
“We’ve made this possible through Galileo’s API technology and deep industry knowledge in delivering inclusive digital financial services,” he concludes.
Pomelo currently allows US remittances to the Philippines, with India and Mexico in the pipeline for further international expansion.
Image and article originally from thefintechtimes.com. Read the original article here.